How much home can I afford to buy?

How much can I afford to buy?

This mortgage calculator will give you an idea about how much you need to make for a given loan amount. Please see the comments below on ratios and electronic underwriting below.

See if your income is sufficient to qualify
Desired mortgage for new home

Number of Years on mortgage

Interest Rate of mortgage

Annual property taxes

Total monthly payments in Non-Mortgage Debt
(i.e. car, student loans, credit cards, etc).

      
   
Summary

Principal & Interest

Total Housing Payment

Required Salary


Your salary must meet the following two conditions:

  1. Your gross (pre-taxes) monthly salary must be greater than 28%
    of the sum of the monthly mortgage and monthly tax payments.
  2. Your gross (pre-taxes) monthly salary must be greater than 35%
    of the sum of the monthly mortgage, monthly tax and
    other monthly debt payments.